Big Data & Social Media: Opportunities & Risks

We are now sharing more data on social media platforms each day than was previously available to the entire world. Such raw data supports business intelligence and analytics, as well as enterprise-wide solutions. This has paved the way for innovative technological platforms facilitating the collection, storage, aggregation and processing of data. Other types of data collected on mobile devices and other publicly available ‘open data’ can augment the underlying data and assist with our understanding of the combined value. The term ‘big data’ has been coined to cover our analysis ofthis data, and the product of this analysis is being used to develop marketing and business strategies, and steer changes to product development and customer experience. It is also relevant in all areas of our society from business and education to healthcare, government and politics.